New home sales pick up steam in November

Dec. 27, 2012 at 2:51 PM

WASHINGTON, Dec. 27 (UPI) -- Sales of new single-family homes rose 4.4 percent from October to November, the U.S. Commerce Department said Thursday.

Sales rose to a seasonally adjusted annual rate of 377,000 from a revised October rate of 361,000.

Sales also rose 15.3 percent more than the annual rate of 327,000 from November 2011.

The Commerce Department said the average price for a new home sold in November was $299,700, up from $278,900, in October.

The seasonally adjusted estimate of how many new homes were on the market at the end of the month was 149,000, which is 2,000 more than October and represents a 4.7-month supply at the current rate of sales.

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